Sycamore Tree Capital Partners LP

Item 5: Fees and Compensation

Item 5.A.

The fees and expenses associated with an investment in the respective Fund and SMA are described in
detail in the respective Fund’s Offering Documents and the SMA’s Investment Management Agreement.

A brief summary of such fees is provided below. Sycamore Tree may, in its sole discretion, manage other
funds with higher or lower fees, different fee structures, and different expense payment arrangements
than what is stated for the respective Fund.

Management Fees

For the CLO Fund, STCLO does not charge management fees at the partnership level except on
investments in third party CLOs managed by another party. In those instances, STCLO is entitled to receive
an amount of 0.75% per annum on those third party assets at fair market value, paid quarterly, in arrears.

For CLO Fund II, ST CLO Manager does not charge management fees at the partnership level or on
warehouse management except on investments in third party CLOs managed by another party. In those
instances, ST CLO Manager is entitled to receive an amount of 0.75% per annum on those third party
assets at fair market value, paid quarterly, in arrears.

Sycamore Tree is generally paid a percentage-based management fee monthly in advance for the STOC
Fund based on the capital at the end of the immediately preceding calendar month. For the HG Fund and
the FR Fund, a quarterly fee is paid in arrears, based on the beginning capital of each month in that
quarter.

Management fees are explained more fully in the applicable management agreement with the SMA. The
Firm is generally paid a management fee quarterly in arrears according to the terms of the relevant
agreement with the Client. The management fee may be up to 0.35% (annualized) of the gross value of
the SMA.

Performance-Based Compensation

STCP or its affiliate is also entitled to receive performance-based compensation from the STOC Fund in
the form of an incentive allocation equal to 15% multiplied by the realized and unrealized net profits for
such calendar year or portion thereof, as applicable, provided the return exceeds a hurdle rate applicable
to each investor and may vary depending on the investor’s inception date. For investors with interests
with an inception date commencing on January 1, 2022, the hurdle rate is equal to a 6% annualized rate
of return since the later of the inception date for such Interest, and the date of the most recent incentive
allocation paid with respect to such interest. Please review the distribution terms of the Fund’s Offering
Documents for full details, which may differ from the above.

STCLO, ST CLO Manager, or its affiliate is also generally entitled to receive performance-based
compensation from Clients in the form of a carried interest equal to 20% of distributions of profits in
excess of the preferred return. The carried interest distributed to STCLO, ST CLO Manager, or its affiliate
is subject to a potential giveback at the end of the life of the Fund in the event that excess cumulative
distributions have been received. Please review the distribution terms of the CLO Fund’s Offering
Documents for full details, which may differ from the above.

STCLO and ST CLO Manager advise private funds formed for the purposes of facilitating investments by
investors in the CLOs it manages, potentially during both the term of a CLO and/or during its warehouse
credit facility arrangements. STCLO and ST CLO Manager also provides investment advisory services to
potential CLO issuers pursuant to warehouse credit facility arrangements. These arrangements are put in
place to permit a potential CLO issuer to acquire loan assets in anticipation of a final CLO securities
offering. Historically, STCLO and ST CLO Manager have not charged management fees to potential CLO
issuers while providing services pursuant to these warehouse credit facility arrangements.

Collateral Management Fees

For serving as the Collateral Manager to relative CLOs, STCLO or ST CLO Manager, respectively, is entitled
to receive Collateral Management Fees that range between 0.15% and 0.40% per annum. Additionally,
STCLO and ST CLO Manager are also entitled to an Incentive Collateral Management Fee of an amount
equal to 20% of the interest proceeds and principal proceeds available for certain distributions under a
Priority of Payments, provided that certain thresholds are achieved.

Management fees and performance fees, also referred to as a “carried interest”, are generally not
negotiable; however, Sycamore Tree, in its sole discretion, may waive or modify management or
performance fees for certain investors or Clients.

Item 5.B.

Sycamore Tree is authorized to deduct management fees and performance fees, if any, directly from the
STOC Fund, the CLO Fund, CLO Fund II, the HG Fund, and the FR Fund, and in effect, the investors’ capital
accounts. Fees are collected at the frequency described in 5.A. For the Sycamore Tree CLOs, the Trustee
calculates and pays those fees according to the CLO indentures. For the SMA, the fees are paid directly by
the underlying investor.

Item 5.C.

Other Fees and Expenses

In addition to paying investment management fees and performance-based compensation, the respective
Fund (and, indirectly, the investors therein) will pay such additional expenses as are disclosed in the
respective Funds’ applicable Offering Documents. The SMA does not bear any expenses.

These expenses include, among others: (a) in connection with any proposed investment (whether or not
consummated) and any temporary investments, costs and expenses of the identification, investigation,
development, acquisition or consummation, ownership, maintenance, monitoring, hedging or disposition
thereof, including legal, tax (other than taxes required to be withheld or paid on behalf of or with respect
to any investor or the General Partner), accounting and third-party appraisal and valuation expenses; (b)
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Item 7: Types of Clients

Sycamore Tree provides discretionary investment management services to privately-offered, pooled
investment vehicles, as described above in Item 4.B, which is intended for investment by private
placement by qualified investors (the “Investors”). The respective minimum initial and subsequent
subscription amounts are detailed within the Offering Documents. Sycamore Tree may, in its sole
discretion, elect to reduce or waive the minimum threshold for subscription amounts with respect to any
investor.

STCLO and ST CLO Manager also act in the capacity of Collateral Manager to affiliated CLO Clients and the
associated CLO warehouses. The Collateral Manager will be responsible for purchasing and selling the
collateral obligations and performing certain other advisory and administrative tasks for and on behalf of
the issuing Fund, subject to the provisions of the Collateral Management Agreement.

Sycamore Tree also provides investment management services to a Separately Managed Account as
described above in Item 4.B.